In order to ensure we are all on the same page when we discuss issues, this page will contain a list of terms and their definitions. Unless specifically stated by the author of a discussion, you can assume that when you see these terms on Economplex.org that their definitions are as follows. If you disagree with how we have defined them or you suggest another term be addressed, please leave a comment.
Definition of Terms
- Complexity Science – Complexity science is a broad and multi-disciplinary subject. In a wide range of systems that are the subject of study in biology, in the social sciences and in industrial applications, computational modelling is undertaken to study the behavior of these systems, mathematical developments and modelling approaches from physics can be used to better understand these systems, and expertise in domains from software engineering to systems biology can be used both to inspire new approaches and apply new results. [adapted from Complexity Science Focus]
- Economics – The allocation of scarce resources which have alternative uses, also the branch of knowledge concerned with the production, consumption, and transfer of wealth.
- Economy – The collection of all economic activities by a collection of people.
- Free Market (or Capitalism) – an economy based on private ownership of businesses, production facilities, and resources and is relatively unregulated. This includes the United States and similar economies.
- Market – synonymous to Economy. Not to be confused with Stock Market.
- Socialism – an economy based on public ownership of production facilities and the allocation of resources.
- Standard of Living – the amount of goods and services that an individual/entity can afford to buy.
- Stock Market – a public entity for the trading of company shares.